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This article was written by Sophie Gerber, the director of the compliance and legal firm Sophie Grace.

As Australia splutters into its new economic saviour, fintech (first there were sheep, then natural resources), the Turnbull government is yet to get ASIC on board. It can be argued that ASIC has a two-pronged approach to Australian Financial Services Licence (AFSL) holders taking on foreign clients. In an era where the Australian Government is attempting to make Australia a global competitor and encourage foreign investment into Australia, this is problematic to say the least.